MIRA
INFORM REPORT
|
Report Date : |
13.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
ADAX A/S |
|
|
|
|
Registered Office : |
Vestre Hedevej 18 4000 Roskilde |
|
|
|
|
Country : |
Denmark |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
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Date of Incorporation : |
03.05.2001 |
|
|
|
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Com. Reg. No.: |
71231518 |
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|
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|
Legal Form : |
Limited Company - A/S |
|
|
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|
Line of Business : |
Wholesale of household goods |
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No. of Employees : |
16 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Denmark |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
DENMARK - ECONOMIC OVERVIEW
This thoroughly modern market economy features a high-tech
agricultural sector, state-of-the-art industry with world-leading firms in
pharmaceuticals, maritime shipping and renewable energy, and a high dependence
on foreign trade. Denmark is a member of the European Union (EU); Danish
legislation and regulations conform to EU standards on almost all issues. Danes
enjoy a high standard of living and the Danish economy is characterized by
extensive government welfare measures and an equitable distribution of income.
Denmark is a net exporter of food and energy and enjoys a comfortable balance
of payments surplus but depends on imports of raw materials for the
manufacturing sector. Within the EU, Denmark is among the strongest supporters
of trade liberalization. After a long consumption-driven upswing, Denmark's
economy began slowing in 2007 with the end of a housing boom. Housing prices
dropped markedly in 2008-09 and, following a short respite in 2010, has since
continued to decline. The global financial crisis has exacerbated this cyclical
slowdown through increased borrowing costs and lower export demand, consumer confidence,
and investment. The global financial crisis cut Danish real GDP in 2008-09.
Denmark made a modest recovery in 2010 with real GDP growth of 1.3%, in part
because of increased government spending; however, the country experienced a
technical recession in late 2010-early 2011. Historically low levels of
unemployment rose sharply with the recession and have remained at about 6% in
2010-12, based on the national measure, about two-thirds average EU
unemployment. An impending decline in the ratio of workers to retirees will be
a major long-term issue. Denmark maintained a healthy budget surplus for many
years up to 2008, but the budget balance swung into deficit in 2009. In spite
of the deficits, the new coalition government delivered a modest stimulus to
the economy in 2012. Nonetheless, Denmark's fiscal position remains among the
strongest in the EU with public debt at about 45% of GDP in 2012. Despite
previously meeting the criteria to join the European Economic and Monetary
Union (EMU), so far Denmark has decided not to join, although the Danish krone
remains pegged to the euro. Denmark held the EU presidency during the first
half of 2012; priorities included promoting a responsible, dynamic, green, and
safe Europe, while working to steer Europe out of its euro zone economic
crisis.
Source
: CIA
Summary
Company name ADAX
A/S
Operative address VESTRE HEDEVEJ 18
4000
ROSKILDE
Denmark
|
Legal form |
Limited company - A/S |
|
Registration number |
Trade register number: 71231518 |
|
|
Trade register |
|
|
number: 71231518 |
|
VAT-number |
DK71 23 15 18 |
|
Year |
2012 |
Mutation |
2011 |
Mutation |
2010 |
|
Fixed assets |
434.601 |
-3,03 |
448.197 |
42,57 |
314.365 |
|
Total receivables |
1.285.455 |
35,55 |
948.31 |
-11,07 |
1.066.363 |
|
|
|||||
|
Total equity |
2.679.393 |
16,36 |
2.302.726 |
55,07 |
1.484.939 |
|
|
|
|
|
|
|
|
Short term liabilities |
2.370.016 |
32,16 |
1.793.326 |
-7,71 |
1.943.227 |
|
Net result |
1.043.311 |
29,92 |
803.042 |
22,23 |
656.982 |
|
|
|||||
|
Working capital |
2.244.658 |
21,05 |
1.854.395 |
58,42 |
1.170.574 |
|
|
|
|
|
|
|
|
Quick ratio |
1,25 |
5,04 |
1,19 |
50,63 |
0,79 |
Contact Information
Company name ADAX A/S
Operative address VESTRE HEDEVEJ 18
4000 ROSKILDE
Denmark
Correspondence address VESTRE HEDEVEJ 18
4000 ROSKILDE
Denmark
Telephone number +45 43444410
Fax number +45 43444420
Email address adax@adax.dk
W ebsite www.adax.dk
Registration
Registration
number Trade register number:
71231518
Trade register number: 71231518
VAT-number DK71 23 15 18
Status Active
Establishment date 2001-05-03
Legal form Limited company - A/S
Subscribed share capital DKK 1.000.000
Activities
NACE Wholesale of household goods (4649)
Relations
Shareholders ULTIMATE GLOBAL SHAREHOLDER
Name:
ADAX HOLDING APS
National id number:
25293800
Address: Klosterengen 15
Zipcode: 4000
City: ROSKILDE Country:
DK
Phone: +45 46370075
Type: Industrial company
Share direct: 100.00% Share TOTAL: 100.00%
TOTAL assets: 5.71 mil. EUR
Profit loss
before tax: 1.41966
mil. EUR
Profit loss
after tax net
income:
1.41206 mil.
EUR
Shareholders funds: 5.51943 mil.
EUR
SHAREHOLDERS
Name: ADAX HOLDING
APS National id number:
25293800
Address: Klosterengen 15
Zipcode: 4000
City: ROSKILDE Country:
DK
Phone: +45 46370075
Type: Industrial company
Share direct:
100.00%
TOTAL assets: 5.71 mil. EUR
Profit loss
before tax: 1.41966
mil. EUR
Profit loss
after tax net
income:
1.41206 mil.
EUR
Shareholders funds: 5.51943 mil.
EUR
Number of employees: 0
Structure SUBSIDIARIES
Name: ADAX NORGE AS National id number:
992 122 110
Address: Fredrik
Selmersvei 2
Zipcode: 0663
City: OSLO
Country: NO
Type: Industrial company
Phone: +47 45434444
Fax: +47 22237131
W ebsite:
www.adax.dk Share direct: 100.00%
Turnover:
2.34 mil. EUR Total assets: 0.6 mil.
EUR
Profit loss
before tax: 0.1456
mil. EUR
Profit loss
after tax net
income:
0.10485 mil.
EUR
Shareholders funds: 0.37128 mil.
EUR
Number of employees: 2
Name: ADAX NORW AY AS
Country: NO
Type: Industrial company
Share direct:
100.00%
Bank details
Accounts Nordea Bank Danmark A/S
Management
Management Fullname:
Mrs. Bente Rorbak
Heiberg
Type: Individual Gender:
Female
Address: Denmark
Number of involvements:
1
Function: Member of the board Level of responsibility: Member Appointment date: 2011/06/01
Fullname: Mr. Eugen
Silfen
Type: Individual
Gender:
Male
date of birth: 1950/10/01
Age: 62
Country of nationality:
Denmark
Address: Denmark
Number of involvements:
3
Function: Member of the board
Level of responsibility:
Member
Fullname: Mr. Eugen
Silfen
Type: Individual
Gender:
Male
date of birth: 1950/10/01
Age: 62
Financial analysis
Trend Fluctuating
Profitability More than sufficient
Solvability Sufficient
Liquidity Positive
Show
amount
in Euro
Key figures
|
Year |
2012 |
2011 |
2010 |
2009 |
2008 |
|
Quick ratio |
1,25 |
1,19 |
0,79 |
0,62 |
0,42 |
|
Current ratio |
1,95 |
2,03 |
1,60 |
1,19 |
1,07 |
|
W orking capital/ balance total |
0,44 |
0,45 |
0,34 |
0,14 |
0,06 |
|
Equity / balance total |
0,44 |
0,45 |
0,34 |
0,14 |
0,06 |
|
Equity / Fixed assets |
6,17 |
5,14 |
4,72 |
2,40 |
1,51 |
|
Solvability |
2,13 |
2,28 |
1,76 |
1,32 |
1,20 |
|
W orking capital |
2.244.658 |
1.854.395 |
1.170.574 |
484.830 |
252.618 |
|
Equity |
2.679.393 |
2.302.726 |
1.484.939 |
829.760 |
734.195 |
|
Mutation equity |
16,36 |
55,07 |
78,96 |
13,02 |
|
|
Mutation short term liabilities |
32,16 |
-7,71 |
-25,72 |
-29,11 |
|
|
Return on total assets (ROA) |
25,84 |
25,24 |
23,46 |
5,09 |
-12,87 |
|
Return on equity (ROE) |
48,69 |
44,89 |
54,16 |
21,13 |
-77,63 |
|
Gross margin |
2.676.447 |
2.232.780 |
2.810.097 |
2.274.885 |
3.083.076 |
|
Operating result |
1.262.821 |
1.006.156 |
602.078 |
178.685 |
188.443 |
|
Net result after taxes |
1.043.311 |
803.042 |
656.982 |
146.586 |
-527.669 |
|
Cashflow |
1.133.713 |
894.645 |
773.986 |
323.532 |
-352.278 |
|
EBITDA |
1.353.223 |
1.097.760 |
719.082 |
355.631 |
363.835 |
Summary The 2012 financial result structure is a postive working captial of 2.244.658 euro, which is in agreement with 44 % of the total assets of the company.
The working capital has
increase with 21.05 % compared to previous
year. The ratio
with respect to the total assets of the company
has
however,
declined.
The improvement
between 2011 and
2012 has mainly
been
caused by a current
liabilities reduction.
The current
ratio of the company in 2012 was
1.95. A company
with a current ratio
between 1.5 and 3.0 generally indicates good short-term financial strength.
The quick ratio in 2012 of the company was 1.25. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities.
The 2011 financial result structure is a postive working captial of 1.854.395 euro, which is in agreement with 45 % of the total assets of the company.
The working capital has increased with 58.42 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased.
The improvement between 2010 and 2011 has mainly been caused by an increase of the current assets.
The current ratio of the company in 2011 was 2.03. A company with a current ratio between 1.5 and 3.0 generally indicates good short-term financial strength.
The quick ratio in 2011 of the company was 1.19. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities.
Financial statement
Auditor Name:
DELOITTE Statsautoriseret
Revisionspartnerselskab
Last annual
account 2012
Remark annual
account The company is obliged to file its
financial statements.
Type of annual account Corporate
Annual account ADAX A/S
VESTRE HEDEVEJ 18
4000 ROSKILDE Denmark
Balance
|
Year End date |
2012 2012-12-31 |
2011 2010 2009 2008 2011-12-31 2010-12-31 2009-12-31 2008-12-31 |
||||
|
Tangible fixed assets 133.260 156.035 144.323 233.253 411.965 |
||||||
|
Other fixed assets |
301.341 |
292.162 |
170.042 |
111.812 |
74.235 |
|
|
Fixed assets |
434.601 |
448.197 |
314.365 |
345.065 |
486.200 |
|
|
Inventories |
1.655.368 |
1.521.744 |
1.572.359 |
1.490.599 |
2.382.872 |
|
|
Total receivables |
1.285.455 |
948.316 |
1.066.363 |
1.031.182 |
931.204 |
|
|
Liquid funds |
944.872 |
1.073.547 |
342.883 |
51.091 |
9.109 |
|
|
Other current assets |
728.978 |
104.113 |
132.196 |
528.029 |
619.715 |
|
|
Current assets |
4.614.674 |
3.647.721 |
3.113.801 |
3.100.901 |
3.942.901 |
|
|
Total assets |
5.049.275 |
4.095.918 |
3.428.167 |
3.445.965 |
4.429.101 |
|
|
Total equity |
2.679.393 |
2.302.726 |
1.484.939 |
829.760 |
734.195 |
|
|
Long term liabilities |
|
|
|
|
4.759 |
|
|
Accounts payable |
424.824 |
283.688 |
226.812 |
429.860 |
507.818 |
|
|
Short term liabilities |
2.370.016 |
1.793.326 |
1.943.227 |
2.616.071 |
3.690.283 |
|
|
Total liabilities |
5.049.275 |
4.095.918 |
3.428.167 |
3.445.965 |
4.429.101 |
|
Summary The total assets of the company increased with 23.28 % between 2011 and 2012
Despite the assets growth, the non current
assets
decreased with -3.03 %.
In 2012 the assets
of the company were 8.61 % composed of fixed assets
and
91.39
%
by current assets. The assets
are
being financed by an equity of 53.06 %, and total debt of 46.94 %.
The total assets
of the company increased with 19.48
% between 2010 and 2011. The total asset increase is
retrievable in the fixed asset
growth of 42.57 %.
In 2011 the assets
of the company were 10.94
% composed of fixed assets and 89.06
%
by current assets. The assets
are
being financed by an equity of 56.22 %, and total debt of 43.78 %.
Profit and loss
|
Year |
2012 |
2011 2010 2009 2008 |
|
Gross margin 2.676.447 2.232.780 2.810.097 2.274.885 3.083.076 |
||
|
W ages and salaries |
1.323.223 |
1.135.154 |
1.108.474 |
973.270 |
1.468.391 |
|
Amorization and depreciation |
90.402 |
91.603 |
117.004 |
176.946 |
175.391 |
|
Operating expenses |
1.413.626 |
1.226.623 |
2.208.019 |
2.096.201 |
2.894.633 |
|
Operating result |
1.262.821 |
1.006.156 |
602.078 |
178.685 |
188.443 |
|
Financial income |
145.447 |
152.403 |
285.714 |
169.857 |
9.789 |
|
Financial expenses |
103.661 |
124.828 |
83.555 |
173.067 |
768.322 |
|
Financial result |
41.786 |
27.575 |
202.159 |
-3.210 |
-758.532 |
|
Result on ordinary operations before taxes |
1.304.607 |
1.033.732 |
804.237 |
175.341 |
-569.953 |
|
Taxation on the result of ordinary activities |
261.296 |
230.690 |
147.255 |
28.755 |
-42.284 |
|
Result of ordinary activities after taxes |
1.043.311 |
803.042 |
656.982 |
146.586 |
-527.669 |
|
Net result |
1.043.311 |
803.042 |
656.982 |
146.586 |
-527.669 |
Summary
The gross profit of the company grew with 19.87 % between 2011 and 2012
The
operating result of the company grew with 25.51 % between 2011 and 2012. This
evolution implies
an increase of the company's economic
profitability.
The result
of these changes is
an increase of the company's Economic Profitability of
2.38 % of the analysed period, being
equal to 2011 % in the year 2012.
The Net Result of the company
decreased by 29.92 % between 2011 and
2012. The company's Financial Profitability has been negatively affected by the financial activities
in comparison to the EBITs behaviour.
The result of these variations is a profitability reduction of 8.47 % of the analysed period,
being 48.69
% in the year 2012. The company's financial structure has slowed down its financial profitability.
The gross
profit of the company
decreased by -20.54 % between 2010 and
2011.
The operating result
of the company grew
with 67.11 % between 2010 and
2011.
This evolution implies an increase of the company's economic profitability.
The result
of these changes is
an increase of the company's Economic Profitability of
7.59 % of the analysed period, being
equal to 2010 % in the year 2011.
The Net Result of the company
decreased by 22.23 % between 2010 and
2011.
The
company's Financial Profitability has been positively
affected by the financial
activities in comparison to the EBITs
behaviour. The result
of these variations
is
a
profitability increase of -17.12
% of the analysed period,
being 44.89
% in the year
2011.
The company's financial profitability
has
been
positively affected by its
financial
structure.
Publication
Remarks Status: Active
Category:
Medium sized company
Last
year: 2012
Result last
year: 1.043.311 EUR
TOTAL assets last
year: 5.049.275 EUR
Number
of employees:
16
Number of shareholders:
1
Number of subsidiaries: 2
Number of branches: 0
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.89 |
|
|
1 |
Rs.90.88 |
|
Euro |
1 |
Rs.78.32 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.